Enable Midstream Announces Quarterly Distributions

Rhea-AI Summary

Enable Midstream Partners, LP (NYSE: ENBL) has declared a quarterly cash distribution of $0.16525 per unit for the quarter ended March 31, 2021, unchanged from the previous quarter. This will be paid on May 25, 2021, to unitholders of record by May 13, 2021. Additionally, a cash distribution of $0.5873 per unit on Series A Preferred Units was also announced, based on a floating rate derived from LIBOR, to be paid on May 14, 2021, to those on record by April 26, 2021.

Positive

• Consistent quarterly cash distribution of $0.16525 per common unit indicates stable financial performance.
• The Series A Preferred Units' distribution transitioned to a floating rate, currently generating an annual yield of 8.7375%.

Negative

• None.

Enable Midstream Partners, LP (NYSE: ENBL) announced that the board of directors of its general partner declared today a quarterly cash distribution of $0.16525 per unit on all outstanding common units for the quarter ended March 31, 2021. The distribution is unchanged from the previous quarter. The quarterly cash distribution of $0.16525 per unit on all outstanding common units will be paid May 25, 2021, to unitholders of record at the close of business May 13, 2021.

Enable also announced today that the board declared a quarterly cash distribution of $0.5873 per unit on all Series A Preferred Units for the quarter ended March 31, 2021. On Feb. 18, 2021, the Series A Preferred Units converted from a fixed annual rate of 10% to a floating rate, with the holders receiving a quarterly cash distribution based on a percentage of the stated liquidation preference equal to the sum of a three-month LIBOR rate plus 8.5%, which was 8.7375% for the relevant days in the three months ended March 31, 2021. The quarterly cash distribution of $0.5873 on all Series A Preferred Units outstanding will be paid May 14, 2021, to unitholders of record at the close of business April 26, 2021.

ABOUT ENABLE MIDSTREAM PARTNERS

Enable owns, operates and develops strategically located natural gas and crude oil infrastructure assets. Enable’s assets include approximately 14,000 miles of natural gas, crude oil, condensate and produced water gathering pipelines, approximately 2.6 Bcf/d of natural gas processing capacity, approximately 7,800 miles of interstate pipelines (including Southeast Supply Header, LLC of which Enable owns 50%), approximately 2,200 miles of intrastate pipelines and seven natural gas storage facilities comprising 84.5 billion cubic feet of storage capacity. For more information, visit https://enablemidstream.com.

This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100%) of Enable’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Enable’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate. Brokers and nominees, and not Enable, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005899/en/

FAQ

What is the cash distribution amount declared by Enable Midstream for common units?

Enable Midstream declared a cash distribution of $0.16525 per common unit.

When will Enable Midstream's cash distribution for common units be paid?

The cash distribution for common units will be paid on May 25, 2021.

What is the distribution amount for Enable Midstream's Series A Preferred Units?

The distribution for Series A Preferred Units is $0.5873 per unit.

When is the payment date for the Series A Preferred Units cash distribution?

The payment date for the Series A Preferred Units distribution is May 14, 2021.

How is the distribution for Series A Preferred Units calculated?

It is based on a floating rate, specifically the three-month LIBOR rate plus 8.5%.